This is Mantis, a minion of Darkseid as created by Jack Kirby in his Fourth World universe. He is a member of the New Gods.
Mantis was a humanoid insectoid from New Genesis who migrated and defected to Apokolips to serve Darkseid. He comes in two forms in the comics.
The figure harkens back to the 80s' Super Powers action figure series, and is a better and larger version, with more articulation and better sculpt.
Mantis is considered an energy vampire who can absorb others' energy and who needs to recharge it in his regeneration pod regularly.